Press release
Electric Vehicle Communication Controller Market Analysis: $0.67 Billion by 2029 With a CAGR of 30.5%
Electric Vehicle Communication Controller Market
Electric Vehicle Communication Controller Market Value Projection: How Much Will the Market Size by 2025?
The market for electric vehicle communication controllers has witnessed an exponential growth in the past few years. It is predicted to snowball from $0.17 billion in 2024 to $0.23 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 34.2%. The historic period's growth is primarily due to the escalating adoption of electric vehicles, governmental regulation and incentives, and a heightened demand for interconnected and autonomous vehicles.
What Will Be the Market Growth Forecat for Electric Vehicle Communication Controller in 2029?
The market for electric vehicle communication controllers is predicted to experience significant expansion in the coming years, with the expectation of reaching a market value of $0.67 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 30.5%. Factors propelling this growth over the predicted period include resilience to fluctuations in oil prices, evolving trends in the automotive industry, an increased consumer preference for connectivity options, and a concentration on developing smart cities. Various trends anticipated in the forecast period encompass advanced connectivity, the incorporation of 5G, the integration of AI and machine learning, scalable and modular designs, and edge computing.
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What Are the Core Competitive Drivers in the Electric Vehicle Communication Controller Industry?
The upward trend in electric vehicle consumption is anticipated to drive the expansion of the electric vehicle communication controller market. Electric vehicles (EVs), which are motor vehicles driven by one or more electric motors that utilise energy stored in rechargeable batteries, are gaining popularity. As customer awareness about the environmental advantages and potential long-term savings of electric vehicles rises, so does the demand for EVs. The electric vehicle communication controller (EVCC) acts as a central communication nexus in electric vehicles, managing the data exchange between various vehicle components, the charging system, and external systems to ensure the effective and safe functioning of the vehicle's electric drive system. For example, according to data from a European autonomous intergovernmental organization released in June 2023, the proportion of electric car sales tripled over three years, rising from around 4% in 2020 to 14% in 2022. As a result, the accelerating demand for electric vehicles is predicted to stimulate the electric vehicle communication controller market's growth in the future.
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Which Electric Vehicle Communication Controller Market Segment Is Projected to See the Fastest Growth?
The electric vehicle communication controller market covered in this report is segmented -
1) By System: Vehicle-Based Communication Controller, Supply Equipment Communication Controller
2) By Charging Type: Wired Charging, Wireless Charging
3) By Electric Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
4) By Application: Passenger Vehicle, Commercial Vehicle
Subsegments:
1) By Vehicle-Based Communication Controller: Onboard Communication Controller (OBC), Vehicle-To-Grid (V2G) Communication Controller, Vehicle-To-Load (V2L) Communication Controller, Battery Management System (BMS) Communication
2) By Supply Equipment Communication Controller: Charging Station Communication Controller, Electric Vehicle Supply Equipment (EVSE) Controller, Charging Infrastructure Management System (CIMS), Communication Protocol Gateways
Which Trends Are Opening New Opportunities in the Electric Vehicle Communication Controller Market?
Leading businesses in the electric vehicle communication controller market are prioritizing the creation of controllers that utilize EdgeBMC technology. This technology enhances the processing of real-time data, betters system dependability, and facilitates uninterrupted communication between electric vehicles and charging infrastructures. The EdgeBMC is an edge-based management controller that oversees, manages, and controls hardware sources in edge computing environments, including out-of-band management that enables remote monitoring and control even if the main operating system becomes unresponsive. For example, the Taiwan-based company, Advantech Co Ltd, in September 2024, introduced the AFE-E350, a new electric vehicle communication controller that combines electric vehicle supply equipment (EVSE) and supply equipment communication controller (SECC) into a single board. The AFE-E350 unifies various features into one board, encompassing a Human-Machine Interface (HMI), central command, payment facilitation, and power distribution management. This consolidation simplifies both the production and upkeep processes.
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Who Are the Leaders in the Electric Vehicle Communication Controller Market?
Major companies operating in the electric vehicle communication controller market are Tesla Inc., Siemens AG, BYD Company Limited, Schneider Electric SE, Bosch GmbH, ABB Ltd., Eaton Corporation, Delta Electronics Inc., Webasto Charging Systems Inc., Phoenix Contact GmbH & Co. KG, Wallbox Chargers SL, Enel X, EVBox Group, Pod Point Ltd., ChargePoint Inc., Blink Charging Co., EVgo Services LLC, Efacec Power Solutions, Noodoe Corporation, WiTricity Corporation, EV Connect Inc., Ubitricity GmbH, Tritium Pty Ltd., Chakratec Ltd., JuiceBar EV Charging, DBT-CEV, ClipperCreek Inc
Which Regional Electric Vehicle Communication Controller Markets Offer the Greatest Growth Potential?
North America was the largest region in the electric vehicle communication controller market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle communication controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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